Banks are using AI to help assess home loans, but it’s not without risk | The Business | ABC News [Video]

Australia’s big four banks are ramping up their use of artificial intelligence to answer customer calls and help assess loan applications. How long before a robot rather than a human writes your home loan? Commonwealth Bank was one of the first big four banks to come out publicly and say it is trialling a ChatGPT-style AI chat bot in its call centres, creating fears it could replace thousands of local call centre staff. At ANZ, AI acts as an over-the-shoulder assistant for about 1200 call centre workers. The bank also uses artificial intelligence to check documents that are needed to get a home loan, like payslips, and complex loan contracts. This can help cut some tasks from several hours to ‘mere seconds’. NAB employs AI to analyse the ’emotional sentiment’ of customer phone calls and ‘give the right level of empathy’. But there are concerns about the way AI is being used. The Finance Sector Union is worried thousands of call centre jobs could be replaced. It wants more transparency from the banks about the impact on workers, as well as consumers. There are fears that AI could stray into giving consumers financial advice and make mistakes that leave Australians in trouble. And what if AI bots were biased or discriminated against people from certain socio-economic backgrounds and/or genders? The banks are weighing up the risks, but technology is moving faster the regulation. The European Union has introduced laws to regulate AI – a model Australia’s Human Rights Commissioner says Australia could consider.
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